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John
John, Employment Lawyer
Category: Employment Law
Satisfied Customers: 4523
Experience:  Exclusively practice labor and employment law.
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I have an outstanding loan on my 401K of 3,536.51 and was

Customer Question

I have an outstanding loan on my 401K of 3,536.51 and was terminated due to health how much taxes is due on this
Submitted: 1 year ago.
Category: Employment Law
Expert:  John replied 1 year ago.

You'll pay a 10% penalty off the top, plus it will be included in your gross income for the year (so probably another 15-25%) if you do not repay the loan in 90 days. So about $900 in total.

Expert:  John replied 1 year ago.

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